Gold is an insurance policy and back in 1999 Gordon Brown agreed to a 50% haircut

The UK sold approx 400 tonnes of gold under Gordon Brown (about half our gold reserves). At todays prices that’s about £16 billion.

Very interesting interview with Phillip Hammond (then Shadow Treasury Secretary) by Max Keiser

If you decide to sell a shed load of Gold Bullion like Gordon Brown did back in 1999 you would not announce it to the world before doing so . Even a 7 year old kid wouldn’t do that. This has been debated in parliament and all laughed away in the banter we see in the commons but in reality it’s far from a laughing matter

As discussed in the video it’s much easier when you know the price and timing of a motivated seller.

The UK sold approx 400 tonnes of gold under Gordon Brown (about half our gold reserves)At todays prices that’s about £16 billion

Source: https://www.zerohedge.com/contributed/2012-07-10/gordon-brown-sold-britain%E2%80%99s-gold-artificially-low-prices-bail-out-large-ameri?fbclid=IwAR2sWRWtSPZKar5e0nXoQPX9CmuLYtTi7DYMLqexNVm3FXciN3EdRe5pXTs

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